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Politics : Ask Michael Burke
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To: Les H who wrote (75765)2/12/2000 12:22:00 PM
From: Knighty Tin  Read Replies (4) of 132070
 
Les, Outstanding comments. I disagree with just two points. 1. The banks are not undervalued. They are overvalued because the massive creation of credit by the Fed has to reach exhaustion or hit a wall of bankruptcy soon. 2. You can't fault a guy for taking capital gains. First, he may be trading for tax deferred or exempt accounts. Second, neither buy and hold or trading are the correct techniques. You buy a stock that is cheap and sell it when it is fully or slightly overpriced. You also sell when the fundamentals turn out not to be what you predicted. When that occurs, if it occurs at all, is up to the market. Saying you are a long term holder is as dumb as saying you are a short term trader. You buy low, whenever that is, and you sell high, whenever that is, and you cut losses on your mistakes, whenever that becomes apparent.
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